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UK: Regulator probes Charter Court, OneSavings deal

By  |  June 5, 2019

UK competition watchdog said on Wednesday it was investigating the merger agreement between British lenders Charter Court Financial Services and OneSavings Bank, reported Reuters.

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    The Competition and Markets Authority (CMA) said it was considering whether a merger of the two would substantially reduce competition.

    The banks announced the merger in March that would create one of Britain’s biggest specialist lenders with a combined market value of 1.75 billion pounds ($2.3 billion).

    The marriage marks a major step towards consolidation among “challenger banks” and gives the firms more heft to take on the biggest lenders in Britain.

    The sector also faces a string of tax and regulatory changes, while margins remain constrained in a mortgage market where competition is high and growth elusive.

    Full Content: Financial Times

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